Real bid for Bale an offer Spurs can't refuse

For a short while after the end of last season, Gareth Bale invariably reaffirmed his commitment to Tottenham whenever he was asked. At the time it seemed he meant it. Why store up trouble for himself with false protestations of loyalty if all along he was planning to move? Far better to say nothing and let reporters read into his silence what they will.

The Times meanwhile says the 24-year-old believed that, when committing to a new contract at White Hart Lane last year, he had a "gentleman's agreement" with Levy that he would be allowed to depart should such a sizeable bid arrive. Madrid are apparently keen for him to submit a formal transfer request.

There have also been reports suggesting Levy has cut his holiday short in order to hold crisis talks with the Wales international.

Bale's contract is due to expire in 2016 and Spurs have stressed on numerous occasions over the summer that the player will not be sold, but head coach Andre Villas-Boas - who had last week insisted the player was "not for sale at any price" - sounded less defiant on the subject over the weekend.

Pressed as to whether Bale had asked to leave, he replied: "I cannot speak about this."

Spurs have become renowned for their stubborn approach to the market in recent years as the likes of Michael Carrick, Dimitar Berbatov and Luka Modric have pressed for moves, but David Pleat, who had previously worked under Levy as Tottenham's director of football, believes the club will have to consider a world-record fee.

"I don't think there's panic at the club," Pleat said in the Times. "The press were talking £50m, £60m this summer. This could rise to something crazy like £100m, which would blow any club out of the water. Even Tottenham, who have resisted strongly, may have to look at it. Manchester United couldn't resist it for Ronaldo."